Category: Economy and Markets
Sri Lanka resettles 1,100 war displaced
VAVUNIYA, August 5, 2009 (AFP) – Sri Lanka on Wednesday allowed 1,100 people displaced during the recently-ended ethnic conflict with the Tamil Tigers to return home, in the first phase of an ambitious relocation plan. At a colourful ceremony, senior presidential advisor Basil Rajapakse presented gift packs of food to the group and pledged to […]
Sri Lanka to conduct first nation-wide census after 30-years
August 4, 2009 (LBO) – Sri Lanka is getting ready to conduct its first nation-wide census, covering all 25 administrative districts for the first time in 30-years following the end of a decades long war, an official said.“The next census will be held in 2011, and we are now preparing for it, and we will […]
Sri Lankan shares up 0.21-pct, blue chips gain
Aug 04, 2009 (LBO) – Sri Lankan stocks regained some lost ground Tuesday as investors took careful bets on selected blue chips such as John Keells Holdings (JKH) and Distilleries Company of Sri Lanka, but overall sentiment still remained weak, brokers said. The benchmark Colombo All Share Price Index (ASPI) closed up 0.21 percent (5.36 […]
Sri Lanka outperforms IMF reserve targets: Central Bank
Aug 04, 2009 (LBO) – Sri Lanka’s gross reserves have risen 71 percent to 2.1 billion US dollars by end-July from 1,272 million US dollars in March, which is higher than expected under an International Monetary Fund program, the Central Bank said.The central bank said it expected foreign reserves to increase due to inflows from […]
Sri Lankan stocks close down
Aug 03, 2009 (LBO) – Sri Lankan shares closed down Monday as investors became defensive, hoping the market to pick-up in the medium term, brokers said. The benchmark Colombo All Share Price Index (ASPI) closed down 0.54 percent (13.55 points) to end at 2,512.15 Monday, while the Milanka index of liquid stocks lost 0.61 percent […]
‘s military deserters
August 2, 2009 (AFP) – Sri Lanka has offered an amnesty to tens of thousands of soldiers who deserted the army, a spokesman said Sunday, under reforms following the end of the war with separatist Tamil rebels. Brigadier Udaya Nanayakkara said troops who were absent without leave could report back to their units and be […]
Baltic states need not devalue; monetary policy consistent with pegs: Steve Hanke
Aug 02, 2009 (LBO) – The Baltic states of Latvia, Estonia and Lithuania are running monetary policy consistent with maintaining their currency pegs, and should adopt the Euro rather than give into devaluation calls, a top monetary economist has said. Some US economists including Paul Krugman and Nouriel Roubini are predicting another wave of defaults […]
Sri Lanka appoints matchmaker for investors in former war zone
Aug 01, 2009 (LBO) – Sri Lanka’s investment promotion ministry has set up a help desk to promote investments in the island’s former war zone in the north and east, investment promotion minister Anura Yapa said.The unit will help promote business links between the northern and eastern regions and the rest of the country, he […]
” rating, to closely watch forex trading
Aug 01, 2009 (LBO) – Sri Lanka’s Nations Trust Bank’s ‘A(lka)’ rating has been confirmed with a ‘stable’ outlook by Fitch Ratings, following an 800 million US dollar forex loss, which had resulted in tighter monitoring. But open positions had been created and maintained within the foreign currency banking unit due to lack of independent […]
Sri Lanka plans to raise US$500mn from foreign markets: report
July 31, 2009 (LBO) – Sri Lanka plans to raise 500 million dollars from foreign investors through a bond or syndicated loan, with an International Monetary Fund endorsement under its belt, a media report said. Sri Lanka is seeking to raise money overseas along with countries like the Philippines and Indonesia at a time the […]
Sri Lanka would have got money if IMF did not come through: Indian official
July 31, 2009 (LBO) – Sri Lanka would have got bilateral help if the International Monetary Fund did not cough up the cash, but the island now had an opportunity to ride on the endorsement by keeping to its targets, a top Indian official has said. Positive Message Though bilateral partners can pump money they […]
Sri Lanka says no subsidy cuts for IMF loan
July 31, 2009 (LBO) – Sri Lanka’s government has not agreed to cut subsidies such as for fertiliser to get a 2.6 billion dollar loan from the International Monetary Fund, media minister Anura Yapa said. “We are committed to reducing budget the deficit to five percent in 2011 which is meant to help promote economic […]